{"id":3747,"date":"2013-05-16T14:27:18","date_gmt":"2013-05-16T14:27:18","guid":{"rendered":"http:\/\/disnaija.com\/nigerian-newspapers\/fg-states-and-lgs-share-n721-51bn-in-april\/"},"modified":"2013-05-16T14:27:18","modified_gmt":"2013-05-16T14:27:18","slug":"fg-states-and-lgs-share-n721-51bn-in-april","status":"publish","type":"post","link":"https:\/\/disnaija.com\/fg-states-and-lgs-share-n721-51bn-in-april\/","title":{"rendered":"FG, States and LGs share N721.51bn in April"},"content":{"rendered":"
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… Excess Crude Account swells to $ 5.876bn\u00a0<\/strong><\/p>\n

The Federation Accounts Allocation Committee (FAAC) has distributed the sum of N721.51 billion among the three tiers of government for the Month of April 2013.<\/p>\n

This amount fell short of the N731.133 billion distributed in the month of March 2013 by N9.628 billion or 1.3 per cent.<\/p>\n

Addressing journalists shortly after the meeting, the Minister of State for Finance, Dr Yerima Ngama disclosed that N89.738 billion was transferred to the Excess Crude Account bringing the balance to $ 5.876 billion.<\/p>\n

He also stated that the gross revenue of N621.07 billion received for the month of April was higher than the N595,70 billion received in the previous month by N25.362 billion.<\/p>\n

This, increase in gross revenue he said, was due to, “the increased earnings from Domestic Crude and Petroluem Profit Tax.” The minister of state for finance however lamented that “the challenges of production and lifting operation experienced in the previous month persisted.”<\/p>\n

A breakdown of the allocation contained in the communique issued after the meeting showed that N531.332 billion was shared under the statutory allocation disbursements. The federal government got N246.90 billion or 52.68 per cent; states N125.124 billion or 26.72 per cent while the local governments shared N96.466 billion.<\/p>\n

N54.571 billion was allocated under Value Added Tax in the order of, federal government N7.85 billion representing 15 per cent; states N26.194 billion or 50 per cent while local governments got N18.336 billion or 35 per cent.<\/p>\n

The sum N92.436 billion was used as augmentation in the month as a result of the revenue shortfall.<\/p>\n

N35.549 billion was shared under the Subsidy Reinvestment and Empowerment Programme (SURE-P) while the Nigeria National Petroleum Corporation (NNPC) continued with its monthly payment of N7.617 billion owed the Federation Account which was also shared.<\/p>\n

Similarly, the sum of N59.152bn was shared to the nine oil producing states based on the 13 per cent principle of derivation.<\/p>\n

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Posted in Nigerian Newspapers. <\/a>A DisNaija.Com<\/a> network.<\/p>\n

Source: The Nation Newspaper<\/p>\n

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